Anchor BanCorp Wisconsin Inc. announces record first quarter earnings.MADISON Madison, cities, United States Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--July 23, 1996--Anchor BanCorp Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on "ABCW ABCW American Baptist Churches of the West ABCW Atomic Biological Chemical Warfare ") reported a 25.7% increase in net income to $4.5 million for the first quarter of fiscal year 1997 ended June June: see month. 30, 1996. This compares to $3.6 million in the same quarter last year. Per share earnings increased to $.90 for the quarter ended June 30, 1996 from $.70 last year. "Income from holding company investments and continued asset growth at the Bank both contributed to these record earnings," explained Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. J. Timmerman, President. Return on average equity increased to 15.09% from 12.61% for the first quarter of fiscal year 1997 ended June 30, 1996. Loans receivable grew 11.2% to $1.4 billion from $1.3 billion since June 30, 1995. "I am extremely pleased that our results reflect strength in all areas of our operation," said Timmerman. Also, the Board of Directors approved an increase in the quarterly dividend from $.10 to $.125 per share, payable on August 15, 1996 to shareholders as of the record date August 1, 1996. This is the second time this calendar year that Anchor anchor, device cast overboard to secure a ship, boat, or other floating object by means of weight, friction, or hooks called flukes. In ancient times an anchor was often merely a large stone, a bag or basket of stones, a bag of sand, or, as with the Egyptians, a has raised its dividend. AnchorBank, S.S.B., Anchor BanCorp's wholly-owned subsidiary, has 33 full service offices and three loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. only offices which are located primarily in southern and western Wisconsin. For more information contact: William Klein William Klein (born April 19, 1928) is a photographer and filmmaker. Though born in New York City and educated at City College of New York, Klein is predominantly active in France. , Vice President-Investor Relations at 608/252-1810 or Douglas J. Timmerman, President, at 608/252-8782. -0-
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended
June 30,
__________________
1996 1995
____ ____
OPERATIONS DATA:
Net interest income $ 13,901 $ 12,158
Provision for loan losses -- 175
Net gain on sale of loans 157 132
Other non-interest income 3,812 1,907
Non-interest expenses 10,731 8,432
Income before taxes 7,139 5,590
Income taxes 2,604 1,981
Net income 4,535 3,609
SELECTED FINANCIAL RATIOS(1): Yield on earning assets 7.99% 7.77% Cost of funds 4.96 4.76 Interest rate spread 3.03 3.01 Net interest margin 3.24 3.28 Return on average assets 1.02 0.94 Return on average equity 15.09 12.61 Average equity to average assets 6.74 7.48 Non-interest expenses to average assets 2.41 2.20 PER SHARE DATA(2): Primary earnings per share $ 0.90 $ 0.70 Fully diluted earnings per share 0.89 0.70 Book value per share 24.36 22.92
June 30,
_________________ Percent
1996 1995 Change
____ ____ _______
FINANCIAL CONDITION DATA:
Total assets $1,822,248 $1,660,939 9.7%
Loans receivable, net:
Loans held for sale 7,014 17,095 (59.0)
Loans held for investment 1,396,167 1,255,279 11.2
Securities available for sale:
Investment securities 46,944 38,023 23.5
Mortgage-related securities 101,680 35,426 187.0
Securities held to maturity:
Investment securities 5,547 100 5,447.0
Mortgage-related securities 138,642 209,774 (33.9)
Deposits 1,270,622 1,181,994 7.5
Borrowings 401,942 325,664 23.4
Stockholders' equity 117,895 123,223 (4.3)
Allowance for loan losses 22,839 23,212 (1.6)
Non-performing assets 11,839 12,325 (3.9)
(1) Annualized when appropriate.
(2) Per share data and shares outstanding have been adjusted to
reflect a five-for-four stock split distributed in October, 1995.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 30, March 31,
1996 1996
_________ _________
(In Thousands)
ASSETS
Cash and cash equivalents $ 41,942 $ 43,689
Securities available for sale:
Investment securities 46,944 30,241
Mortgage-related securities 101,680 110,268
Securities held to maturity:
Investment securities 5,547 2,596
Mortgage-related securities 138,642 110,730
Loans receivable, net:
Loans held for sale 7,014 13,968
Loans held for investment 1,396,167 1,361,080
Foreclosed properties and repossessed
assets, net 6,326 6,077
Real estate held for development
and sale 12,363 13,640
Office properties and equipment 18,761 18,906
Other assets 46,862 43,361
_________ _________
Total assets $1,822,248 $1,754,556
_________ _________
_________ _________
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $1,270,622 $1,240,958
Borrowings 401,942 371,482
Advance payments by borrowers for
taxes and insurance 15,257 7,938
Other liabilities 16,532 15,776
_________ _________
Total liabilities 1,704,353 1,636,154
Preferred stock, $.10 par value,
5,000,000 shares authorized,
none outstanding -- --
Common stock, $.10 par value,
20,000,000 shares authorized,
6,249,662 shares issued 625 625
Additional paid-in capital 50,086 50,086
Retained earnings, substantially
restricted 104,048 100,191
Less: Treasury stock (1,410,270 shares
and 1,315,312 shares) (32,496) (29,298)
Deferred compensation due
employees (928) (928)
Common stock purchased by
recognition plans (1,546) (1,546)
Unrealized losses, net of tax (1,894) (728)
_________ _________
Total stockholders' equity 117,895 118,402
_________ _________
Total liabilities and stockholders'
equity $1,822,248 $1,754,556
__________ __________
__________ __________
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three months
Ended
June 30,
_________________
1996 1995
_______ _______
(In Thousands)
Interest income:
Loans $29,725 $25,227
Mortgage-related securities 3,483 2,762
Investment securities 1,083 801
_______ _______
Total interest income 34,291 28,790
Interest expense:
Deposits 14,467 12,297
Notes payable and other 5,923 4,335
_______ _______
Total interest expense 20,390 16,632
_______ _______
Net interest income 13,901 12,158
Provision for loan losses -- 175
_______ _______
Net interest income after provision for
loan losses 13,901 11,983
Non-interest income:
Service charges on deposits 882 664
Net gain on sale of loans 157 132
Other income 2,930 1,243
_______ _______
Total non-interest income 3,969 2,039
Non-interest expenses:
Compensation 5,532 4,365
Occupancy 754 631
Federal insurance premiums 705 612
Other 3,740 2,824
_______ _______
Total non-interest expenses 10,731 8,432
_______ _______
Income before income taxes 7,139 5,590
Income taxes 2,604 1,981
_______ _______
Net income $ 4,535 $ 3,609
_______ _______
_______ _______
CONTACT: Anchor BanCorp Wisconsin Inc., Madison Douglas J. Timmerman, 608/252-8782 William Klein, 608/252-1810 |
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